Subject: File No. S7-11-04
From: Mark Kaiser

March 11, 2004

I am firmly against this proposal as it currently stands since it limits the flexibility of the individual investor. I suggest that the rule be amended so that the 2 percent Five day redemption apply to only large players - perhaps only those with account size greater than 250,000. The recent wave of abuses was caused by those individuals or companies moving LARGE amounts of money in and out of equity funds. As a result, that is where the restrictions should be implemented, on large account movement.